(MENAFN) MSCI was declared to have added Saudi Arabia to its group of emerging markets, marking the success of the Kingdom's efforts to modernize its stock market and become an investment hub.
The index compiler announced that it was set to reclassify Saudi Arabia with implementation of its indexes, effective June 2019.
Saudi Arabia was included in a watch list for a possible upgrade last year, and is to join other countries, such as China, India, Turkey, South Africa and Brazil.
MSCI Managing Director and Global Head of Equity Solutions, Sebastien Lieblich said "by supporting the inclusion of Saudi Arabia and Argentina in Emerging Markets, international institutional investors confirmed that they are now able and ready to access and operate in these markets."
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